Six things that changed for market overnight: Gift Nifty, US inflation to global market cues for Sensex today

livemint.com:

equity market is expected to open on a weaker note on Friday following mixed cues from global peers. The Asian markets were trading mixed, while the US stock indices ended largely flat overnight after the inflation for July came in lower than expected, raising hopes of an end to the aggressive policy tightening by central bank. On Thursday, the domestic market got spooked by the hawkish commentary from the Reserve Bank of India (RBI), with both the benchmarks Sensex and Nifty ending nearly half a percent lower each.

The RBI kept its repo rate unchanged at 6.5%, but it revised the inflation estimates for FY24 upwards to 5.4% and imposed an incremental CRR of 10% in near term. “While RBI's status quo on interest rate didn't come as a surprise, the MPC's cautious tone and no signal of any rate cut by this year-end hurt the market sentiment. Inflation continues to be the key concern area and the RBI remaining watchful of the developments in key global economies indicates that investors' appetite for equities will be measured in the near to medium term," said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities.

Here are 6 key things to know that will guide the Indian stock market today. Japan’s markets are closed for a public holiday. South Korea’s Kospi gained 0.34% and the Kosdaq rose 0.11%.

Hong Kong’s Hang Seng index futures were trading higher at 19,292 as compared to the previous close of 19,248.26. Meanwhile, Gift Nifty was trading at 19,560 as against Nifty futures’ previous close of 19,599, indicating a weak start for the Indian benchmark indices. The US stock market ended flat on Thursday after the release of July inflation data.